How Novo Bank's Lack of E-E-A-T Cost Me $10,652 – A Warning for Your Business.
- Jayda Jacobs
- Jan 30
- 6 min read
Updated: Jul 12
A Real-World Case Study in Unraveling Digital Trust and Authority in Fintech.
When it comes to finances, I’ve always been cautious. I research decisions thoroughly, avoid unnecessary risks, and maintain a healthy skepticism of new financial trends. But none of that prepared me for the nightmare I experienced with Novo, an online banking platform. Losing $10,652 due to their mismanagement has been one of the most stressful experiences of my life.
This devastating experience with Novo, an online banking platform, became a stark, real-world case study in what happens when a brand fundamentally fails to uphold the principles of Experience, Expertise, Authority, and Trustworthiness (E-E-A-T). Losing $10,652 due to their blatant mismanagement and systemic E-E-A-T failures has been one of the most stressful experiences of my life. I’m sharing my story to warn others and help your business avoid similar fates by recognizing the critical signs of non-compliance.
This post will walk you through:
I’ll also reveal disturbing allegations from someone claiming to be a Novo insider and share insights from others who’ve faced similar situations.
The Red Flags I Ignored: Early Warning Signs of Eroding E-E-A-T
In 2021, I opened a business account with Novo after another financial institution recommended them. Their promise of low fees, seamless business integrations, and a sleek, modern platform seemed like the perfect fit.
At first, everything seemed fine—until small frustrations started piling up. In hindsight, these were red flags, but at the time, I brushed them off as minor inconveniences:
Limited Functionality – Their debit card wasn’t compatible with Apple Pay, which was inconvenient for daily transactions.
Delays in Basic Services – When I requested a replacement debit card, it took months to arrive. This delay made me uneasy, so I moved some of my funds to another account as a precaution.
These weren't just minor inconveniences; in hindsight, they were early symptoms of a fundamental breakdown in their Expertise and a precursor to larger Trustworthiness issues. A truly E-E-A-T compliant entity demonstrates foundational service quality and transparent, efficient operations.
Despite these issues, I continued using Novo as my primary business account—a decision I deeply regret.
The Turning Point
Everything changed in October 2024.
One afternoon, I logged into my email and found an unexpected message from Novo: “Your account has been terminated.” There was no explanation. Worse, the email had been sitting in my inbox for weeks. I hadn’t even known my account was closed.
Panic set in.
I immediately contacted Novo’s customer service. They assured me that a check for my remaining balance—$10,652—would be mailed the next day and should arrive within 10 business days.
Relieved, I thought the ordeal was over.
But when I logged into my account a few hours later, my relief turned to dread.
My account was completely inaccessible
My balance was gone
My entire transaction history had disappeared
Even my customer service chat history was erased
A Nightmare Unfolds: The Complete Breakdown of Trust and Accountability
Over the next several months, I was locked in a bureaucratic battle with Novo. Their customer support, run through Zendesk, was useless. Every response was:
Vague
Scripted
Completely unhelpful
This systemic failure in communication and resolution highlighted a profound lack of Expertise in customer management and completely shattered any remaining semblance of Trustworthiness. When a company's ability to provide basic support becomes "useless" and their records disappear, it signals an utter disregard for client value and accountability, directly violating the essence of E-E-A-T.
I tried escalating the issue on social media, only to be redirected back to their broken support system.
I filed complaints with regulatory agencies, sought legal advice, and even connected with others who had similar experiences. The stress and uncertainty were overwhelming. I had no idea if I would ever recover my money.
What I Discovered About Novo: Dissecting the E-E-A-T Failures
As I dug deeper, I found disturbing truths about Novo:
Not a Real Bank – Novo is not a licensed bank. It’s a fintech company that partners with a real bank to provide services. Many customers (myself included) didn’t realize this upfront.
This was a critical revelation and a blatant failure in Trustworthiness and transparency. While perfectly legal, the lack of unequivocal disclosure about not being a direct, licensed bank undermines their Authority and creates a misleading impression of Expertise in direct banking services. A truly E-E-A-T compliant entity is unequivocally clear about its true nature and affiliations.
Pattern of Failures – Novo has hundreds of unresolved customer complaints about:
Sudden account closures
Withheld funds
Disappearing customer service records
They currently hold a 1.03-star rating on the Better Business Bureau (BBB) with alarming reports from business owners.
This pervasive "Pattern of Failures" across hundreds of complaints directly showcases a catastrophic lack of Expertise in core operations (sudden closures, withheld funds) and an alarming erosion of Trustworthiness. A low BBB rating, plagued by such reports, is the market's collective judgment on a brand's inability to deliver on its promises and maintain its E-E-A-T.
Legal Loopholes – Many of Novo’s victims find themselves trapped in “investigations” that allow the company to withhold funds indefinitely.
The reliance on "legal loopholes" to withhold funds indefinitely is the antithesis of Trustworthiness and ethical business practice. It directly contradicts the spirit of E-E-A-T by prioritizing corporate maneuvering over client value and accountability.
Then, I stumbled upon something even worse.
Insider Allegations About Novo’s Collapse: The Unraveling of Perceived Authority
In November 2024, I came across shocking claims from someone who identified themselves as a Novo employee based in Miami.
According to this alleged insider:
Both the CEO and CTO were removed by Novo’s board on November 15, 2024.
Novo is in serious financial trouble and may not survive beyond 2026.
Customers with funds in Novo should withdraw them immediately.
While I can’t verify these claims, they match my experience and the chaos reported by hundreds of other customers.
These allegations, even if unverified, highlight the complete implosion of Authority and Trustworthiness at a fundamental leadership level, signaling a brand in deep systemic failure.
Lessons Learned: Building Your Brand's E-E-A-T Foresight
This ordeal has been a painful wake-up call. Here are three critical lessons I’ve learned:
Do Your Research – Don’t trust recommendations blindly. Read customer reviews, complaints, and regulatory filings before choosing an online bank.
This is paramount for assessing a partner's genuine Trustworthiness and Authority. Don't just look for what they claim; look for what third-party evidence (like reviews and regulatory filings) proves about their Experience, Expertise, and ethical conduct.
Trust Your Instincts – Small issues often signal bigger problems. If something feels off—take action immediately.
Those 'small issues' are often subtle cues of a brand's eroding Expertise or impending Trustworthiness breakdown. Your intuition, sharpened by Experience, can spot early E-E-A-T warning signs.
Diversify Your Funds – Never keep all your money in one account, especially with a fintech company. Spread your funds across multiple banks for safety.
This is an Antifragile principle for financial strategy. It minimizes dependence on a single point of failure (a single institution's E-E-A-T) and builds resilience against systemic risks.
How to Protect Your Brand From Fintech Banking Risks: An E-E-A-T Checklist
If you’re considering using an online bank or fintech service, here are four steps to safeguard your finances:
Verify Legitimacy – Ensure the company is FDIC-insured and partners with a reputable bank.
Directly confirms Authority (licensed, reputable partners) and foundational Trustworthiness (insurance) – essential E-E-A-T signals.
Research Thoroughly – Read reviews and look for complaints about account closures or missing funds.
Assesses collective Experience (customer reviews) and uncovers systemic Trustworthiness or Expertise failures.
Monitor Regularly – Log in frequently and withdraw your funds immediately if anything seems suspicious.
Proactive vigilance is key to managing risk from a company whose Trustworthiness might be compromised.
Keep Backup Accounts – Always have a secondary bank account so you can quickly transfer funds if needed.
Another Antifragile principle: diversify to build resilience against a single entity's potential E-E-A-T breakdown.
The Fight Continues & What's Next: The Broader Landscape of E-E-A-T Failure
As of today, I am still fighting to recover my $10,652.
The last message I received from Novo was on December 26, 2024. They claimed they mailed a check on November 5—but I still haven’t received it.
This experience has been exhausting, infuriating, and financially damaging.
But my story isn’t unique. Many others have lost money to Novo, and as I dug deeper, I realized this problem extends far beyond one company.
My continued fight underscores the profound impact of violated Trustworthiness. This isn't just about one company's failures; it's a symptom of widespread E-E-A-T non-compliance across the industry, highlighting the urgent need for brands to scrutinize their partners through an Antifragile lens.
What’s Next?
Novo isn’t the only fintech company engaging in shady practices.
I’ve uncovered disturbing patterns across the entire industry—and your money may not be as safe as you think.
In my next post, I share the latest updates on my experience and reveal:
The hidden risks of fintech banking
How common these banking failures are
What you can do to protect your hard-earned money
This follow-up delves into the broader patterns of E-E-A-T failures in fintech, helping you understand systemic risks and build truly Antifragile financial strategies for your business.
Read the next post: Fintech Risks: My $10,652 Loss & Why Your Money Isn’t Safe
Have you had issues with Novo or another fintech company? Drop your story in the comments—I’d love to hear your thoughts.
Stay vigilant, and stay safe.
Comments